Current Affairs Industry: The Government approved National Policy on Petrochemicals in April 2007. The main objectives of the Policy are to increase investments and competitiveness both in the upstream and downstream sectors, encourage modernization of downstream processing units, promote research and development, development of adequate skilled manpower, etc. with an overall objective to achieve an environmentally sustainable and healthy growth in the petrochemical sector which will also increase the exports in the sector.

In the Foreign Trade Policy announced by Ministry of Commerce and Industry for the period 2009-14, the various schemes like Duty Exemption Scheme (DES) which enables duty free import of inputs required for export production, Duty Entitlement Pass Book (DEPB) Scheme to neutralize incidence of Customs Duty on import content of export product, Zero Duty Export Promotion Capital Goods Scheme (EPCG) for import of capital goods for export production etc. are available to the industrial sector which also includes Petrochemicals.